ZIP Code Market Report
38122 — Memphis, TN
Data through February 2026 · Updated monthly
Avg Home Value
$122,740
▼ 3.4% year-over-year
Month-over-Month
-1.1%
▼ 1.1%
Single Family
$121,590
Condo / Co-op
$135,710
The average home value in the 38122 ZIP code (Memphis, TENNESSEE) is $122,740 as of February 2026. Home prices are declining, down 3.4% compared to last year.
A 3-bedroom home in 38122 is valued at $130,806. Single-family homes average $121,590, while condos average $135,710.
The market in 38122 has a $89,491 spread between bottom-tier homes at $86,530 and top-tier homes at $176,022. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
Looking ahead, Zillow's forecast model projects home values in the 38122 ZIP code will decrease 0.9% over the next 12 months, bringing the projected average to approximately $121,635. This modest projected change should be factored into any investment analysis for properties in this area.
This report is part of the Shelby County market area in TENNESSEE. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Shelby County report.
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Market Snapshot
38122 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $124,547 | $124,160 | $122,740 | ▼ 1.5% |
| Single Family Value | $121,949 | $121,602 | $121,590 | ▼ 0.3% |
Home Values
38122 Home Value Trend
Historical home values for ZIP code 38122. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 38122
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 2 Bedrooms | $100,475 |
| 3 Bedrooms | $130,806 |
| 4 Bedrooms | $153,838 |
Property Types
Home Values by Property Type in 38122
How different property types compare in this ZIP code.
All Homes
$122,740
Single Family
$121,590
Condo / Co-op
$135,710
Bottom Tier
$86,530
Top Tier
$176,022
Forecast
12-Month Home Value Forecast for 38122
Zillow projects home values in 38122 will decrease 0.9% over the next year, reaching approximately $121,635.
Current Value
$122,740
Projected Change
-0.9%
▼ 0.9%
Projected Value
$121,635
Source: Zillow Home Value Forecast (ZHVF). Forecasts are not guarantees.
Data Sources and Methodology
Home value data for ZIP code 38122 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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